The SEC is preparing crypto custody rules. Taylor Lindman, Crypto Task Force: The proposal sits at the White House and is awaiting approval from the Office of Management and Budget. The goal is to bring Wall Street intermediaries into the crypto ecosystem. Broker-dealers must hold crypto without requiring separate registration. Advisors: State trusts as qualified custodians. Gensler’s 2023 stance is over—back then, crypto firms weren’t eligible as custodians. Lindman: This is foundational. Alongside exemptions for tokenized equities. Stablecoins and the rest of the market are set to come under Wall Street’s framework. Will the OMB approve, or will custody remain in limbo?
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